Mumbai, Dec 15 (IANS): The recovery for the Indian economy is spear-headed by an uptick in private investment through November-December alongside a turnaround in bank credit offtake, the Reserve Bank of India (RBI) said in its monthly bulletin for December.

It also said that high capex from the government sector has also aided in the recovery process.

"For the Indian economy, the recovery is spear-headed by an uptick in private investment through November-December alongside a turnaround in bank credit offtake and high capex from the government sector (Centre and States)," the bulletin said.

"In conjunction, the employment situation has brightened. The outlook remains upbeat, though concerns revolving around the spread of the new Omicron variant are surfacing."

The seven-day moving average of daily Covid-19 cases plummeted below 9,000 by the close of November.

"After a blip during the festive season in the early part of November, the inoculation has gathered pace, with the seven-day moving average of vaccinations touching 80 lakh per day by end November and crossing the 1-crore mark for the sixth time on December 4, 2021."

Furthermore, the RBI, in the bulletin, said that indicators of aggregate demand point to sustained recovery across spheres, but with signs of sequential moderation.

"The end of the festive season reflected in moderation in growth momentum of petroleum consumption, led by decline in diesel even as petrol consumption remained above pre pandemic levels and aviation turbine fuel recorded a steady pick-up in November 2021."